December 31st 2020, Market Update

January 9, 2021

Market Update for December 31, 2020

 

Sunshine Coast Detached Listings

Sales up 36% over the previous year

There are currently 119 detached listings on the Sunshine Coast. This is down from November 30, 2020 when there were 159 detached listings. Detached sales year-to-date ending December 31, 2020: 764 sales, in 2019: 490 sales, in 2018: 514 sales, in 2017: 725 sales; in 2016: 955 sales, and in 2015: 753 sales. 2020 market’s hot price range was over $1,001,000.00 with 158 sales. With the current sales pace, this represents just under a two month supply of listings.

Sunshine Coast Attached Listings

Sales up 33% from last year

There are currently 66 current attached listings. This is down from November 30, 2020 when there were 76 attached listings. Attached sales this year-to-date ending December 31, 2020: 203 sales, in 2019: 137 sales, 2018: 139 sales; in 2017: 234 sales; in 2016: 232 sales and in 2015: 173 sales. With the current sales pace this represents an almost four month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales up 45% over previous year

There are currently 141 bare land listings. This is down from November 30, 2020 when there were 171 land listings. Land sales year-to-date ending December 31, 2020: 175 sales, in 2019: 97 sales, 2018: 153 sales; in 2017: 199 sales; in 2016: 386 sales, and in 2015: 161 sales. With the current sales pace this represents approximately a nine-month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 32 sales
  • $301,000 to $400,000 with 33 sales
  • $401,000 to $500,000 with 52 sales
  • $501,000 to $600,000 with 110 sales
  • $601,000 to $700,000 with 149 sales
  • $701,000 to $ 800,000 with 105 sales
  • $801,000 to $900,000 with 82 sales
  • $901,000 to $1,000,000 with 43 sales
  • 158 sales over a $1,001,000

                           2020– a year in review and the question of what is ahead in 2021

         

            First off, I would like to wish and a Happy New Year, and may the year ahead be filled with health and happiness for you and your family!

            2020 started out with lots of promise in January and February, with Buyers out looking and Sellers wanting to make a change. The news of the pandemic started casting doubt as we all became familiar with Covid 19. Mid March brought on the restrictions related to Covid 19 and how we did business was curtailed. In that time, real estate business virtually shut down, most Realtors felt it was prudent to limit activity as much as possible. As things started to look brighter (in terms of the virus) in early May the market began to heat up. By August it felt like we were on a runaway freight train, Buyers and Sellers were making moves, and activity and enquiries kept strong through December. I personally have never been as busy and was very thank-full to have my daughter Sarah working with me. Looking back most of the business was done in the later half of the year. We did not surpass the activity level of 2016 when we had 955 sales on the Coast, but my feeling was if we had more inventory, we would have surpassed 2016 this year. A notable change this year was in the price ranges, with the hot market range being over a $1,000,000 (million dollars) with 158 sales.  It was only a few years ago the hot price range was between $300,000 and $400,000.  Sales over a $1,000,000 used to be limited to a nice waterfront but now is becoming the average price for a decent view home. Inventory is at the lowest level that I have witnessed in 26 years in Real Estate.

            Who was doing all the buying in 2020? A lot of people began working from home and suddenly awoke to the fact that they no longer had to live in a concrete jungle so they took advantage of more affordable opportunities outside of the city. I would like to say that this was unique to the Sunshine Coast, but it was happening in most major centers around the world. Covid 19 made a lot of people realize what was important in their life and decisions about making a move to nicer lifestyle became front and center.

            What is 2021 going to be like for the Real Estate Market? This is the million-dollar question. We are seeing a rise in Covid cases. The vaccine is being rolled out but how long before everyone can receive the vaccine? Lack of inventory is going to be a big factor in potentially dampening the market. RE/MAX is forecasting a 4% rise in the Vancouver market on top of an 11% increase this past year and says “Buyers are anticipated to seek larger properties in suburban areas, rather than buying in the downtown core in 2021.” Brian Yu from Central One a company that supports BC’s Credit Unions writes “Economic growth is forecast to pick up steam in the second quarter of 2021 onwards as the vaccine drives higher investment spending and consumer spending is unleashed when social and travel restrictions are eased.” In his report he believes that 2021 will see a healthy Real Estate Market in BC. British Real Estate Association forecasts a 2.6% rise in values for the Sunshine Coast. Most forecasts that I have read call for a strong market except for CMHC. There is lot of damage to the Canadian Economy that could have negative effect on the real estate market, and I think this is what CMHC is factoring in.

            Currently we are in a strong Seller’s market and if you are thinking of selling there is probably no better time than now. I would not wait till spring when the daffodils are up, and your yard looks great because so does your neighbor’s. You will get the best price for your home  when inventory is at its lowest. I think most people would be surprised to find out what their home is worth at the moment- call myself or Sarah for a Free assessment.

            Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40 minute commute? Call us today with any additional questions, or for a free market evaluation

Kenan MacKenzie 604.885.7810 or email: kenan@kenanmackenzie.com  

Sarah MacKenzie 778.989.1841 or email: sarah@kenanmackenzie.com